2010: The year marketers invest in social media but soon realize that it doesn't meet business objectives
12/22/09 07:07 AM Filed in: #socialmedia
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Social media is not going to save your brand, that's the hard reality of marketing to empowered consumers who decide when and if they want brands in their lives. Way too many marketing people really believe that people actually want to have a relationship with a brand when all they want are coupons and discounts.
Here is a list of why so many social media strategies will fail for business:
1. The belief that consumers really want to talk to you- There isn't a consumer in this huge country that wakes up and says "I think I'll start a relationship with my detergent today".
2. Not asking basic questions- Like "is my audience using social media and can I provide them with a value exchange that also meets business objectives.
3. Not knowing when to break off the engagement- How long do you need to keep engaging prospects before they become customers and what is the cost per engagement relative to ROI ?
4. Hiring an intern or low ranking employee to execute your social media- Do you really want someone who is an intern to be your primary contact point for your brand and company ?'
5. We have to do something and everyone else is investing in social media- This logic is so dumbfounding it defies rational thought.
6. Using an agency to talk to consumers- Agencies can set up your social media platform but it should then be administered from within your company.
7. You spend a lot of money on social media but sales stay flat or decline- If you can't tie your SM strategy and execution back to concrete meet my business objectives metrics than you might as well throw in the towel.
8. Low trust-Consumers have low trust of a lot of industries like pharma and health insurers. Trust is a key element of any relationship but is especially true when it comes to social media
It will be interesting to see the dollars go out the window for a lot brands when they see that their social media strategy is not producing the results they expected. It starts with realistic expectations and right now that is not what brands are thinking when it comes to social media.
